Steam Boiler System Market : Global Demand Analysis & Opportunity Outlook 2024

Steam Boiler System Market Overview

Steam boiler system is referred to the boiler which converts water into steam at a required pressure. These boiler systems are used in many industries such as refineries, power plants and others. Steam boilers are also used as generators to produce electricity.

In water tube boiler by boiler type, the steam is produced by heating the water inside the tube which is surrounded by hot gasses. Water tube boilers are used for high pressure steam applications.

Market Size and Forecast

The global steam boiler system market is expected to grow at a CAGR of 5.2% over the forecast period i.e. 2017-2024. Further, steam boiler system market is anticipated to reach USD 15.1 billion globally by 2024. This significant growth can be attributed to various factors such as rise in demand for energy across the globe and favorable government initiatives aiming for the adoption of steam boilers for energy.

In the regional platform, North America is the largest market in terms of market revenue share in overall steam boiler system. Further, this region is expected to continue its dominance by the 2024. The market of steam boiler system is majorly driven on the back of the increasing use of steam boilers systems in refineries, power plants and others. Moreover, the rising demand for steam boiler systems in commercial and residential heating purposes is also envisioned to bolster the growth of steam boiler systems in this region. Likely, U.S. holds the largest market share of steam boiler system owing to the growing food processing industry.

North America region is tailed by Asia-Pacific and Europe region. Asia-Pacific region hold the second largest steam boiler system market. The major countries witnessing the augmented growth are China, India and Japan. Further, China is the dominating country in this region owing to the growing infrastructure and industrialization. Moreover, penetration of major vendors into the Asia-Pacific steam boiler system market is envisioned to bolster the growth of steam boiler systems market in this region. Europe is also estimated to show a tremendous growth over the forecast period owing to the presence of large number of established manufacturing industries.  

Market Segmentation

Our in-depth analysis segmented the global steam boiler system market in the following segments:

By Boiler Type

• Fire Tube Boiler

• Horizontal Return Tubular Boiler
• Short Fire Box Boiler
• Compact Boiler

• Water Tube Boiler

• Horizontal Straight Tube Boiler
• Bent Tube Boiler
• Cyclone Fired Boiler

• Super  Heater

By End User

• Food
• Chemical
• Refineries
• Primary Metal
• Thermal Power Plants
• Others

By Application

• Generators
• Steam Engines
• Cement Production
• Agriculture
• Others

By Region

Global steam boiler system market is further classified on the basis of region as follows:

• North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
• Latin America (Brazil, Mexico, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, Rest of Western Europe) Market size, Y-O-Y growth & Opportunity Analysis
• Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of Asia) Market size, Y-O-Y growth & Opportunity Analysis
• Middle East and Africa (GCC, South Africa, North Africa) Market size, Y-O-Y growth & Opportunity Analysis

Growth Drivers and Challenges

Rising demand for energy across the globe and large scale requirement of steam boilers from power plants, refineries and others are believed to be the dynamic factor behind the growth of steam boiler system market. Further, increasing use of steam boiler systems by food processing industry is also projected to boost the demand for steam boiler system.

Moreover, favorable government initiatives for the usage of steam boilers systems and providing incentives in terms of subsidies are envisioned to bolster the growth of steam boiler system market over the forecast period. Further, rapid urbanization and growing industrialization is also anticipated to foster the growth of steam boiler system market globally.

However, high initial investment associated with the installation of steam boiler system is anticipated to dampen the growth of global steam boiler system market over the forecast period. Moreover, high maintenance associated with steam boiler system is expected to hamper the growth of this market.     

Key players

The major key players for steam boiler system market are as follows

• Hurst Boiler & Welding Co.
  • Company Overview
  • Key Product Offerings
  • Business Strategy
  • SWOT Analysis
  • Financials
• Larsen & Toubro Ltd.
• Fulton Boiler Works Inc.
• BHEL
• Byworth Boilers
• Clayton Industries
• Doosan, Buderus
• Zhengzhou Boiler 
• Cleaver-Brooks
• Rentech Boiler Systems

Scope and Context

Overview of the Parent Market

Analyst View

Segmentation

The global steam boiler system market is segmented as follows:

• By Boiler Type Market Size & Y-O-Y Growth Analysis
• By End User Market Size & Y-O-Y Growth Analysis
• By Application Market Size & Y-O-Y Growth Analysis
• By Region Market Size & Y-O-Y Growth Analysis

Market Dynamics

Supply & Demand Risk

Competitive Landscape

Porter’s Five Force Model

Geographical Economic Activity

Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio

Recent Trends and Developments

Industry Growth Drivers and Challenges

Key Information for Players to establish themselves in current dynamic environment